Prominent US-based angel investor Jason Calacanis poked fun at GameStop’s decision to invest in Bitcoin.
In a March 26 X post, Calacanis suggested that buying Bitcoin (BTC) was a solution well-suited for public companies that do not have a suitable business model:
“If you’re a public company that can’t figure out a business model, buy Bitcoin! This might actually be great advice if [Strategy co-founder Michael Saylor] is gonna buy $1T in Bitcoin.”
Still, Tomas Fanta, principal at crypto investment firm Heartcore, told Cointelegraph that there are tangible long-term benefits to holding Bitcoin on a corporate balance sheet. Among those he listed were long-term price appreciation and theoretically lower correlation to equity markets over time.
“I do disagree with the view, though, that failing companies should be using Bitcoin as the last-ditch strategy,” Fanta said.
Related: GameStop hints at future